Meritage Portfolio Management Has $11.58 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Meritage Portfolio Management increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,175 shares of the technology company's stock after acquiring an additional 3,170 shares during the quarter. Arista Networks makes up about 0.8% of Meritage Portfolio Management's portfolio, making the stock its 22nd biggest holding. Meritage Portfolio Management's holdings in Arista Networks were worth $11,581,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC acquired a new position in Arista Networks in the third quarter valued at about $28,000. First Command Advisory Services Inc. acquired a new position in Arista Networks in the third quarter valued at about $29,000. BluePath Capital Management LLC acquired a new position in Arista Networks in the third quarter valued at about $33,000. NBC Securities Inc. acquired a new position in Arista Networks in the third quarter valued at about $33,000. Finally, Atticus Wealth Management LLC lifted its position in shares of Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company's stock worth $35,000 after purchasing an additional 145 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ANET. Wells Fargo & Company increased their price target on shares of Arista Networks from $225.00 to $310.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 7th. Barclays increased their price objective on Arista Networks from $272.00 to $311.00 and gave the company an "overweight" rating in a report on Tuesday, February 13th. Rosenblatt Securities reissued a "sell" rating and issued a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. Melius Research raised Arista Networks from a "hold" rating to a "buy" rating and set a $300.00 price objective for the company in a report on Monday, January 8th. Finally, The Goldman Sachs Group increased their price target on Arista Networks from $313.00 to $356.00 and gave the stock a "buy" rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $275.59.

Arista Networks Stock Performance

ANET stock traded down $0.19 during trading on Friday, hitting $264.57. The stock had a trading volume of 2,521,273 shares, compared to its average volume of 2,483,228. The company's 50 day moving average price is $279.09 and its two-hundred day moving average price is $246.85. Arista Networks, Inc. has a 1-year low of $131.68 and a 1-year high of $307.74. The stock has a market cap of $82.71 billion, a price-to-earnings ratio of 40.27, a price-to-earnings-growth ratio of 2.18 and a beta of 1.09.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $1.25 EPS. The company's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the business's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $922,301.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the company's stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $299.99, for a total value of $1,212,559.58. Following the completion of the transaction, the chief executive officer now owns 1,628,532 shares in the company, valued at approximately $488,543,314.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the transaction, the senior vice president now owns 3,244 shares of the company's stock, valued at $922,301.64. The disclosure for this sale can be found here. Insiders sold a total of 333,494 shares of company stock valued at $95,632,321 in the last 90 days. 18.99% of the stock is currently owned by insiders.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.